Adult kids moving back home in the COVID-19 2nd wave? Here’s how to talk money

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Adult kids move back home? Here’s how to budget their stay
WATCH: Relationship expert Jessica O’Reilly and financial expert Kelley Keehn both join 'The Morning Show' to give tips on how parents can manage the finances of their young adults moving back home. – Oct 5, 2020

As the country heads into a second wave of the coronavirus pandemic, some young adults may be forced to move back in with their parents.

Whether they’re dealing with the closure of campuses or loss of employment, moving back in with your folks brings up the important subjects of finances and communication.

In a recent segment on Global News’ The Morning Show, relationship expert Jessica O’Reilly and financial expert Kelley Keehn both talked about how parents can manage both their peaceful household and their budgets if their children unexpectedly decide to move back home.

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Keehn says before your adult kids move back in, you have to set some ground rules.

“Are they paying rent? If they’re unemployed are they looking for work? When they do get back on their feet do they need to pay back the bank of mom and dad?” she said.

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She says these are the type of questions to establish to ensure both parties are on the same page. If not, Keehn says, resentment can set in.

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Meanwhile, O’Reilly says communication is key.

“Communication is key to all relationships,” she said. “If you’re living with your parents and they are offering any sort of support, financial or otherwise, check to see how they are feeling about the arrangement.”

She says parents and children should all feel emotionally safe living at home.

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And at a time where the COVID-19 pandemic has caused ‘high levels of stress’ for Canadians of all ages, both experts agree finances can add to this stress.

They say even after the kids move home, make sure you are continuing to have these discussions with your children until they are ready to move out.

To learn even more tips, check out the full segment above.

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